All Forum Posts by: Account Closed

@Michael Morikawa You (generally) either pay over asking in this market or put in the work to get an off-market deal. Someone with an over ask price cash offer is gonna typically get the house. But, if you’re willing to put in the work you can get an off-market deal. You just have to put yourself out there.

@Allen Collins I'd echo what others said, low return due to high mgmt fees (and HOA board votes on improvements that you'll pay for). We have friends that do this at a resort that they love and their kids/family can use. That could be a good reason. But, strictly as an investment you can do much better.

@Jason J. This is a nuanced response, but I'm doing a 7-yr lock on a commercial loan with the first 12 months being a HELOC. So, I'm only borrowing what I need in that first year and that gets locked in for the remaining 6 years. I also have the option of converting the commercial loan to a residential loan (with the same lender/bank) and any prepayment penalty is waived. We're without W-2 income, so this was a nice option for us.

Just mentioning in case anything applies to your situation.

@Scott Goulet With rates heading up, I would lock in with a refi. HELOCs are usually tied to prime plus some percent. I would expect the HELOC interest rate to exceed the cash out refi rate by the end of this year. Just my opinion.

@Conner Olsen I think you missed my point. Didn’t think you were launching a nationwide operation. But, you can still borrow ideas that work for you. For example, they often have a community fire pit where folks can sit around the fire and socialize. That’s relatively inexpensive. Best of luck!

@Scott Thomas *glamping

@Conner Olsen look at other clamping sites (eg, Under Canvas) to see what they provide. Go visit some and stay in them too. See what you like and don’t like, read reviews, etc

@Ernes Sahic If possible, perhaps you can look up STRs near you, contact those folks, and ask how they’re performing. Folks in my neighborhood were happy to share their experience. It made me feel more comfortable. Just a thought.

Sarah,

I do not have experience renting south of Nags Head.  They're building a bunch of new houses down there.  I enjoy going down there because it's less crowded, water is a bit warmer, and the surf is often better. :)  However, it's less crowded because less people drive down there.  There are more tourists going to Duck/Corolla/Kitty Hawk/Kill Devil Hills/Nags Head. Those areas have more restaurants and things to do.  I also don't look down south as it's harder to find services (maintenance, cleaners, etc.) and it's prone to flooding.  Some areas are severely eroding, like in Avon, and haven't appreciated - or have depreciated - in value over the past couple decades (specific areas of the northern beaches have too, so you have to know the area).  I find the northern beaches rent more year round.  That's not to say that you can't do well south.  But, I have specific criteria and knowledge in the northern area and my team is located there too.  Happy to share my experience and spreadsheet if you want to see how I analyze them.  Just send me a direct message.

Sarah,

I live in Denver, CO and have a handful of STRs in the Outer Banks.  Have had great success renting them, and have become very familiar with the area.  Happy to connect with you if you want.

Scott